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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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International Reserves and Swap Lines in Times of Financial Distress

International Reserves and Swap Lines in Times of Financial Distress

(p.292) 14 International Reserves and Swap Lines in Times of Financial Distress
The Global Financial Crisis and Asia

Joshua Aizenman

Oxford University Press

This chapter reviews the use of precautionary measures aimed at mitigating emerging markets' exposure to fragility associated with financial integration. The chapter outlines the debate about desirable adjustment of Emerging markets during the first phase of the on-going crisis. It also discusses the experience of the Republic of Korea — a prime example of a country that opted for deeper financial integration in aftermath of the 1997-8 crisis, buffered with large hoarding of international reserves. The chapter suggests as one of a possible way to alleviate sudden stops and deleveraging pressure to use a Pigovian tax-cum-subsidy scheme. The discussion draws possible lessons from the ongoing global liquidity crisis.

Keywords:   emerging markets, financial integration, international reserves, policy measures, Pigovian tax-cum-subsidy scheme

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